circulating medium

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See: currency

CIRCULATING MEDIUM. By this term is understood whatever is used in making payments, as money, bank notes, or paper which passes from hand to hand in payment of goods, or debts.

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The Confederate experience supports the idea that interest-bearing currency can compete with conventional non-interest-bearing notes as a circulating medium.
The Continental Congress issued a paper note to help finance the American Revolution, and these "bills of credit" became a circulating medium.
At the turn of the century, economists tended to refer to any circulating medium as money, and any change in the circulating medium relative to trade needs as an inflation of money.
Presumably, because they could be certain of the "excessiveness" of the circulating medium only by its effect on the price level, the notions of an inflated currency and prices became inextricably linked.
Challis, our leading authority on this question, has postulated a circulating medium of 1.
for the circulating medium of 1603 is again endorsed by Mayhew, and represents more than a doubling of the 1.
On the contrary, this was rising dramatically at the time, increasing from a circulating medium of less than 10 [pounds sterling] m.
Hence, the specific gravity of the medium flowing through the underflow orifice is higher than the average specific gravity of the circulating medium.
The nature of the dense medium cyclone is to progressively clean smaller particles at higher specific gravities for a given circulating medium.
If the medium particles are too fine, it will be very difficult to recover them, resulting in the loss of the finer sizes and a build-up of coarse material in the circulating medium with a consequent drop in the efficiency of separation.
All 6 and 9 kw hot-water units are equipped with a leakstopper attachment, Vacu 1, enabling a vacuum to be put on the mold while it is under pressure from the circulating medium.
Single's Churchill series will include temperature control units using water as a circulating medium for temperatures of up to 200 degC, high-temperature control units using oil as a circulating medium for temperatures of up to 350 degC and chillers with a performance range of between 1 and 1,000 kW.